Sensex Today: Sensex ends 82 points higher, Nifty at 10,840 mark; ITC rises over 2% as govt bans e-cigarettes

Sensex Today: Key equity indices Sensex Nifty started Wednesday's trading session on a positive note, with Sensex trading back above 36.650 level and Nifty trading above 10,850 mark.

Sectorally, except FMCG, auto and pharma, all the other indices are trading in the green, with most advance registered in PSU bank and realty stocks.  

Indian rupee, the domectic unit, opened higher by 28 paise at 71.50 per dollar on Wednesday against previous close 71.78 per American currency.

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 808.29 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 85.76 crore on Tuesday.

 

Traders are cautiously awaiting the upcoming trade talks between China and the US, as well as a much-anticipated policy meeting of the Federal Reserve, which is expected to cut interest rates Wednesday.

Oil prices sank 5% on Tuesday, reversing some of the previous day's gains as analysts predicted that Saudi Arabia is making better-than-expected progress recovering from the drone attack on its huge crude processing facility in Abqaiq.

Brent recovered from 71/bbl to $64/bbl after the Saudi officials said they had restored just under half the output lost at the Abqaiq plant, one of the world’s biggest oil facilities.

Brent crude dropped back to just $64.77 after hitting $69/barrel earlier this morning. US crude has also plunged down almost $3 per barrel to $60.16.

Oil recedes on Saudi supply reassurance, investor focus shifts to Fed





 

India’s goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said.

A government study, attached to the agenda of a Sept. 20 GST panel meeting, has said the total annual revenue loss could be as much as 500 billion rupees ($6.95 billion), if the panel decided to lower tax rates for the auto sector to 18% from 28%.

Meanwhile, state officials in Kerala, Punjab and West Bengal say they are also opposed to any cut in tax rates in the autos sector, or even consumer goods, because of lacklustre tax collections this fiscal year.

GST Council meet: Rate cut for auto sector may not be easy; relief on hotel tariffs, biscuits on the cards

Finance Minister Nirmala Sitharaman has in recent weeks outlined a slew of measures to revive investor sentiment and push growth up from a 25-quarter low of 5% in April-June. 

As per recent reports, the finance ministry is working on one more booster dose to give a leg-up to the economy that has hit over six-year low of 5 per cent, a senior finance ministry official said. Expectations are that the new package will focus on increasing liquidity and promoting investments.

Govt considering another 'booster dose' to revive ailing economy: report
 

Asian markets are trading mixed. Nikkei. Kospi, Hong Kong, Taiwan Index are trading flat-to-positive.On the Singaporean exchange, SGX Nifty is up 50 pts or 0.46%.

US stocks ticked up on Tuesday as oil prices retreated from a historic gain and investors looked ahead to an expected cut in interest rates by the Federal Reserve. US Futures (Dow Jones) trades at 27089 down 21 pts or 0.08%.


 

Balmer Lawrie fell over 6% to Rs 169.10 on both the exchanges, after the company annoucned in its regulatory filing that the company board has deferred its decision on bonus share issue.

Balmer Lawrie shares down 7% after board defers bonus issue

Shares of Bajaj Finance rose over 2.5% on BSE in early trade on September 18, after the board of the company approved raising up to Rs 8,500 crore via QIP.

"The company board, in its meeting held on September 17, approved raising of capital through a qualified institutions placement (QIP) for an aggregate amount not exceeding Rs 8,500 crore by issue of equity shares and/or eligible securities," stated the regulatory filing submitted.


 

Ahluwalia Contracts India Ltd stock price rose 6% in early trading session of Wednesday, after the company won orders worth Rs 497.36 crore.

As per the filing submitted, the company has secured new order of Rs 407 cr for construction of Medical College (Civil Works) at village Koriyawas in Mohindergarh Distt. Rewari (Haryana) and other orders aggregating to Rs 90.36 cr (approximately).

Federal Open Markets Committee (FOMC) of the US Federal Reserve concludes on September 18. As per market analysts, the recent drone attacks on Saudi Amarco's oil facilities can work as a catalyst for the US Federal Reserve to go for a rate cut.

Gold prices retreated from highs to slip below Rs 38,000 per 10 gm in the futures trade on September 18. At the MCX, gold traded at Rs 37,918 per 10 grams, down Rs 98, or 0.26%. As per commodity market experts, gold and silver prices are likely to remain volatile ahead of th e outcome of the US Fed meeting.

Sensex Today: Equity indices erased early gains to trade 0.15% higher by the first hour of trading session. Sensex currently trades 80 points higher at 36,559 mark and Nifty50 has risen 14 points to 10,831 level. On the sectoral front, FMCG, pharma, media and auto sectors are trading with minor declines whereas realty, PSU bank and metal indices are advancing the most.

Shares of Coffee Day Enterprises rose 5% higher by the early trading session on Wednesday after the company annunced that it has executed definitive agreements for investment in GV Techparks.

In a bid to bring down its admitted debt of Rs 4,970 crore, Coffee Day Enterprises has closed the first divestment. In a statement to the Bombay Stock Exchange (BSE), the company said that it had signed definitive agreements with Blackstone Group and Bengaluru-based real estate developer Salarpuria Sattva Group for an investment of Rs 2,700 crore in GV Techparks Private Limited, a wholly-owned subsidiary of Tanglin Development Limited (TDL).

According to the agreement, Coffee Day Enterprises Limited (CDEL) is expected to realize the sale value in two tranches. The first tranche of Rs 2,000 crore will be received by on completion of certain conditions including regulatory approval. The remaining Rs 700 crore will be realized upon fulfilling additional conditions.

Coffee Day group kick-starts assets divestment amidst regulatory overhang

Regulator Sebi Tuesday barred CG Power and Industrial Solution's ex-chairman Gautam Thapar and three other former officials from capital markets for 'serious' misstatement of accounts as well as diversion of funds, and ordered forensic audit of the company. Reacting to  the filing submitted today by the company, the stock price of CG Power and Industrial Solution declined 4.97% ro 14.91 on BSE.


 

Domestic Market:

1. Union Ministers Shri Prakash Javadekar and Smt Nirmala Sitharaman to brief the media on Cabinet decisions at 03:00 PM today i.e. 18.09.2019 at PIB Conference Hall

Global Market:

1. U.S.-China trade deputies are meeting Thursday and Friday in Washington and trade principals from the two countries will be meeting in mid-October to continue talks.

2. Saudi Arabia is scheduled to held press conference tonight at 10:30 PM which will be crucial for oil market.

3. Outcome of the FOMC meet

After the domestic currency opened with gap following lower crude oil and stronger Asian currencies, the Indian rupee extended its morning gains and currently trades at day's high at 71.24, up 54 paise against previous close 71.78.

Shares of Dewan Housing Finance Corporation Ltd (DHFL), one of the largest housing finance companies in India, dropped 5.6% after Reuters reported that a plan to rescue the debt-laden company had hit a major roadblock as only a small segment of bondholders agreed to be on board the proposed resolution.

The process has been further complicated as certain bondholders have also initiated a process to take DHFL to bankruptcy court, the custodian added.

Reportedly out of the 87,000 debenture holders who had been asked to be party to the resolution plan being deliberated upon by banks, only 24,400 debenture holders, or less than 30 per cent, had responded before the due date earlier this month.